Media type · Messaging network
SWIFT transfer
The cross-border messaging network used by banks for wires.
Key facts
| What | Messaging network |
|---|---|
| Used by | Banks |
| Speed | Same day to several days |
| Cost | Fixed fee plus margin |
| Watch | Intermediary deductions |
Messages versus money
SWIFT carries instructions. The money moves through the banks' accounts, which is why a wire can involve several institutions and several fees.
Frequently asked questions
Is SWIFT the same as a wire?
A wire often uses SWIFT messaging, but the terms are not identical.
Why is it slow?
Cut-off times, time zones, compliance checks and correspondent processing all add time.